1. Journalize the adjusting entries on May 31

2. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries.

3. Prepare an adjusted trial balance on May 31.

4. Prepare an income statement for the month of May.

5. Prepare a retained earnings statement for the month of May.

6. Prepare a classified balance sheet at May 31.

7. Identify which accounts should be closed on May 31.

The Moto Hotel opened for business on May 1,2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit 2,333 2,600 1,800 14,833 71,200 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $4,533 3,300 37,200 59,833 9,000 3,000 800 500 $113,866 $113,866